CONSOB is not renewing any longer the lower thresholds for reporting duties concerning shareholding in Italian listed companies previously dictated by the Covid-19 emergency legislation
I The CONSOB Press Release of 12 April 2021
Through its Press Release of 12 April 2021, available in Italian on
and in English on
CONSOB informed that it decided not to re-issue its Resolutions dictated by the Covid-19 emergency regulations that lowered the thresholds that triggered the reporting obligations for holdings in Italian listed companies.
The first of these Resolutions was issued on April 9, 2020 (see our newsletter no 2/2020), then they were renewed for additional three-month periods on July 8 and on October 7, 2020 and, finally, on January 13, 2021 (see our Newsletter no 2/2021).
Accordingly, from April 14, 2021, the following ordinary thresholds apply again:
- 3% for large caps
- 5% for “small and medium-sized companies” (“PMI”)
- 10% for the duty of transmission of the “statements of the intentions” of the purchaser of holdings
The other thresholds for reporting and information duties provided by the Consolidated Text of Finance (“TUF”) and the second-level CONSOB rules remain unchanged so long they were not affected by the emergency regulations.